AngloGold Ashtanti acquisition of $2.5B Centamin Company

AngloGold Ashanti has reached an agreement to acquire Centamin Company in a transaction valued at around $2.5 billion. This acquisition will grant AngloGold control over the Sukari mine in Egypt, a renowned gold mine globally.

Upon finalization, AngloGold shareholders are set to possess approximately 83.6% of the company, while Centamin investors will retain about 16.4% ownership. The strategic vision entails enhancing the Sukari mine's progress through expanded exploration and development endeavors.

Focused efforts are intended to encompass the Sukari concession area and extend into adjacent segments of the EDEX project. The objective behind this strategic maneuver is to either extend the operational life of the mine or bolster its production capacity.

In a recent development from August, the Export Council for Building Materials, Refractory & Metallurgy Industries (ECBM) disclosed a notable surge in Egypt's jewelry and gemstone exports, skyrocketing by 118% from January to July 2024, reaching $1.526 billion, up from $700 million in 2023.

The report highlights the United Arab Emirates as the leading destination for jewelry and gemstone exports, showcasing a substantial 287 percent growth, soaring to $909 million from $235 million in 2023.